Business owners still feeling lack of support, says survey
With a recent survey from AXA PPP Healthcare revealing that almost two thirds of SMEs feel they’re forced to make difficult decisions on their own due to lack of support or advice channels, we’d like to urge business owners to take advantage of their accountant’s offering.
The report cited 21% of business owners rely on family for advice and support, 19% on other directors or business partners and 16% turn to peers through a networking organisation, or even their employees. Some of the key issues business owners said they felt they needed support on included better access to finance and support with business planning.
But are they making the most of accountancy services? Accountancy services don’t need to be viewed as a necessary evil, providing just essential functions such as payroll or end of year tax returns. When viewed as a business partner, there are many ways an accountancy firm can help a client. Extra solutions and services can often be overlooked through lack of knowledge they exist, or they are even shied away from due to fear or escalating cost. This means many businesses could really be missing a trick when it comes to early identification of growth opportunities.
For instance, our Board Support solution offers a fixed-fee package including a variety of finance functions, allowing business owners to get on with business operations and development, without worrying about the meter running up costs. The regular forecasting and monitoring that is part of the offering means that not only can potential problems be addressed before they become an issue, but opportunities can be spotted and capitalised on. Just check out our case studies section for real-life examples of how Board Support has helped business grow!
The Business Protect solution we offer can also steer firms in the right direction by ensuring adequate and ongoing checks are made on potential suppliers and clients to avoid a financial catastrophe due to bad debts. Again, this level of support can help a business owner in their decision on who to work with and who to avoid – a crucial element of successful trading.
A forward-thinking accountancy practice with a variety of solutions to meet the needs of businesses today is something that thankfully is on the rise – and business owners need to wake up to what is on offer and embrace the help and support. An investment in such services can reap real rewards in the end and take a business to the next level.